Commodities Pivot Points and Forex Technical Analysis 23/12/2014

Dec 23 2014, 08:15 GMT

Shady Bahouth

Daily technical analysis for Gold, Crude Oil and Silver, main support and resistance levels and intra-day trading strategies based on same day Pivot Points.

Gold – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 1184.70$ with targets at 1165.80$ next 1151.80$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1184.70$ with targets at 1198.70$ next 1217.60$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1213.90, 1221.00, 1240.00, 1256.20, 1277.00
Support: 1160.00, 1140.00, 1130.00

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 56.30$ with targets at 54.10$ next 52.90$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 56.30$ with targets at 57.50$ next 59.70$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 63.70, 64.20, 68.25, 70.00, 73.20, 75.95
Support: 53.70, 53.20, 52.80

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 15.80$ with targets at 15.40$ next 15.15$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 15.80$ with targets at 16.05$ next 16.45$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 16.50, 16.80, 17.40, 17.50, 17.80
Support: 15.50, 15.00, 14.15

Commodities Pivot Points:

Pivot points are very useful tools for commodities professional traders that use the previous bars’ highs, lows and closings to project potential support and resistance levels for future bars.

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1 COMMENT

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